Elon Musk, the wealthy tech mogul, seems to be in the news every day. He is the richest person in the world and runs X (formerly Twitter), Tesla, and SpaceX. He uses his power to speak out about a wide range of issues.
He has also pushed ahead with tests of brain chips on humans at his company Neuralink, thought about making X into a super app, and tried to play a bigger role in the rapidly growing field of artificial intelligence, even though he had warned that it could wipe out humanity.
Elon Musk’s Net Worth in 2024
Bloomberg’s Billionaire Index says that Elon Musk’s net worth was $202 billion as of late May 2024. He has a lot of paper wealth, mostly from his shares in Tesla and SpaceX. However, The Street thinks Musk may be worth a lot more. As of the last update to this story, his net worth was over $245 billion.
Tesla’s yearly profit growth slowed from the previous year to 2023, which caused shares to drop. As a result, the billionaire’s wealth fell below $200 billion in 2023, but it has since come back up. Musk doesn’t get paid for his work at Tesla, but he does get stock options for hitting performance goals.
A big part of Musk’s wealth depends on how well Tesla’s stock does. On its first day of dealing in 2010, $10,000 would have earned $1.37 million by the end of May 2024. From 2010 to 2019, the EV maker’s stock went up steadily but slowly as it fought to make a profit.
But in 2020, when the company reported its first annual net income, shares went through the roof as it continued to make even more money each year. Musk’s wealth might be even greater if the company gave him a pay deal worth tens of billions of dollars.
But at the end of January 2024, a judge in Delaware agreed with a shareholder case to throw out Musk’s $56 billion pay package. The judge said the Tesla CEO was paid too much even though he met the performance goals that set the possible one-time payout. A meeting of owners on June 13, 2024, will vote on that matter.
Where did Elon Musk get his money?
Musk was born on June 28, 1971, in Pretoria, South Africa. He is the oldest of three children born to Errol Musk and Maye Musk. Errol Musk is a politician, engineer, pilot, sailor, consultant, and real estate producer. Elon tweeted that he came from a middle-class family and that his dad didn’t help him with money after high school.
People have thought that the family’s wealth came from owning a piece of an emerald mine in Zambia. After hearing his father say that the mine existed, Elon denied that it existed. So far, there is no proof of how the mine’s workers were treated or how much money it made.
In the U.S., Musk’s first business was Zip2, a city guide program that he made with his brother Kimbal and a family friend named Gregory Kouri, who later invested in PayPal, Tesla, and SpaceX. Reports say that Kouri gave Zip2 the money it needed to get started, and in a later round of funding, Errol Musk put in about $20,000.
People who made personal computers bought that company for $307 million in 1999 when the Internet was really popular. The New York Post says that Musk made $22 million from that deal. Elon started X.com with $12 million from his share of the money. It was an online bank that later became part of PayPal in 2000, but Elon kept the X.com name.
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How does Elon Musk spend his money?
That being said, how does the unstable billionaire spend his cash? He did a lot of different things, including real estate. The Real Deal and Variety both say that Musk owned a home in the Bel-Air area of Los Angeles that was worth more than $70 million. A $24 million house in the area was bought by someone else.
Different news sources say that Musk also owned a $17 million, 1.67-acre estate in Bel-Air with 20,248 square feet of living area, a home theater, a gym, and a wine cellar that holds 1,000 bottles. Still, Musk sold all of his real estate interests and promised to live a simple life without owning a house.
According to the Wall Street Journal, Musk sold all seven of his homes in California between 2020 and 2021 for a total of $128 million. He is also said to have hired a home in Texas to be close to his Tesla and SpaceX facilities. Aside from his own Tesla cars, Musk also likes other high-end cars.
When Musk sold Zip2 in 1999, he spent about $1 million on a McLaren F1 car. CNBC reports that Musk paid $920,000 for the Lotus Esprit submarine car that was used in a James Bond movie in 2013. Musk still mostly invests his money in tech and business projects that he thinks are worth pursuing.
Elon Musk Assets, Cars, Houses
Elon Musk, the billionaire CEO of Tesla and SpaceX, has a diverse and impressive portfolio of assets, cars, and properties:
Elon Musk’s Assets
Musk has a net worth estimated at over $200 billion, making him one of the wealthiest people in the world. His wealth is primarily derived from his ownership stakes in Tesla and SpaceX, as well as other investments.
Elon Musk’s Car Collection
Musk owns a range of luxury and classic cars, including a Jaguar E-Type, a Ford Model T, and various Tesla models. He famously crashed a McLaren F1 supercar that he bought for around $1 million when he was younger.
Musk also owns the Lotus Esprit submarine car used in the James Bond film “The Spy Who Loved Me“, which he purchased at auction for $920,000.
Elon Musk’s Houses
Musk previously owned a portfolio of seven mansions in the Los Angeles area, worth over $100 million in total. In 2020, Musk announced he was selling almost all of his physical possessions, including his houses, to “own no house“.
Musk’s primary residence is now a $50,000 prefabricated “tiny home” in Boca Chica, Texas, near SpaceX’s headquarters. However, recent reports suggest Musk may still own a secret house in Austin, Texas that he purchased in 2022.
In summary, Elon Musk has amassed a vast fortune, an impressive car collection, and a diverse real estate portfolio, though he has recently downsized his living situation to a more modest prefab home in Texas.
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